Report: Co-Owner Of 666 Fifth Ave. To Sell To Kushner Cos.

NEW YORK, NY - MARCH 6: A Kushner Companies logo is visible near an entrance to the Kushner Companies' flagship property 666 Fifth Avenue in Midtown Manhattan, March 6, 2018 in New York City. Kushner Companies, run b... NEW YORK, NY - MARCH 6: A Kushner Companies logo is visible near an entrance to the Kushner Companies' flagship property 666 Fifth Avenue in Midtown Manhattan, March 6, 2018 in New York City. Kushner Companies, run by the family of White House senior adviser Jared Kushner, has been trying to raise funds for their $1.2 billion dollar mortgage on the building that is due in February 2019. The Kushners bought the property for $1.8 billion in 2006. Many real estate analysts say that they Kushners vastly overpaid for the property. (Photo by Drew Angerer/Getty Images) MORE LESS
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April 6, 2018 5:18 p.m.

A real estate trust that has a nearly 50 percent stake in 666 Fifth Avenue, the beleaguered Manhattan tower largely owned by Jared Kushner’s family business, has a “handshake” deal to sell its stake to Kushner Cos., Bloomberg reported Friday.

Current White House senior adviser and President Donald Trump son-in-law Jared Kushner bought the skyscraper in January 2007, at the height of the real estate bubble, for a record-breaking $1.8 billion. The gamble on the the building, which has struggled to attract tenants, became a significant debt for the family.

In 2011, Vornado bought a 49.5 percent stake as part of a refinancing agreement. Vornado and Kushner Cos. have since clashed on how to renovate the building, with Kushner Cos. pushing to turn 666 Fifth Ave. into a luxury tower and Vornado pushing for it to remain an office building.

Jared Kushner’s father, Charles, now runs Kushner Cos. But with Jared holding a prominent role in the White House, his family’s search for investment in the building has raised eyebrows and many allegations of conflicts of interest.

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